Did you know businesses waste around £20 billion annually on inefficient document management systems. This includes costs related to storage space, compliance issues, lost productivity and labour. Meaning your document storage practices could be hurting your business and draining your budget.
But look no further as we are here to highlight how your business may be losing out on money due to bad document storage practices, cost-saving tips and smarter alternatives to help improve your baseline.
The Hidden Cost of In-House Document Storage
Managing and storing your documents in house is becoming increasingly expensive, and though you might not realise it, there may be various hidden costs associated with this practice. Â
Hidden costs that may be draining your budget:Â
- Rent or space usageÂ
- Staff time managing filesÂ
- Security risks and compliance issuesÂ
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Ultimately, if you’re not manging your storage systems and practices correctly, you may be overspending on space you aren’t using efficiently, staff trying to locate files and lack of security diminishing your compliance.
Signs You’re Overspending
It’s important to recognise when a document storage practice may no longer be serving your business needs. By being able to spot the signs that may indicate this you can significantly cut down on storage costs and ensure your business is operating more efficiently.
3 Common Signs You’re Overspending on Documents Storage:
- Paying for unused space
- Storing non-essential or duplicate recordsÂ
- Lack of inventory control
Storing non-essential records or duplicates is one of the most common problems businesses face. Not to forget the lack of inventory controls resulting in difficulties locating essential documents or even potentially resulting in losing critical information. Both of which result in paying for unused space, as you’re storing things incorrectly or that you don’t need.
Quick Tip: Audit your current document inventory every 6 months to identify duplicates or documents you no longer need to store.
Smarter, More Affordable Solutions
So now we have covered how your business may be overspending, let’s move onto better document storage solutions that work for your business instead of against it.
Off-Site Document Storage Providers
Outsourcing document storage services with a trusted professional is a great way to ensure your documents are handled correctly, stored securely and kept compliant with data regulations such as GDPR.Â
Benefits of using an offsite document storage provider:Â
- Secure and protected facilities.Â
- Cheaper than renting office space or a warehouse.Â
- Increased operational efficiency.
- Disaster recovery practices.Â
- Compliant with regulatory requirements.Â
- Scalable allowing your business to expand.Â
Pay-as-you-store Pricing Models
This type of storage pricing model allows businesses to pay only for the storage space they use, rather than committing to a fixed amount of space.Â
Other benefits of using a pay-as-you-store practice:Â
- No upfront costs or long-term commitments.Â
- Scalable.
- Cost efficient to optimise storage costs.Â
Digital Document Scanning and Indexing
Many businesses are undergoing digital transformations with their document storage, scanning their paper documents into digital files, making them easily accessible online. Whereas indexing relates to tagging and categorising scanned documents making them easily retrievable and accessible.Â
Benefits of scanning and indexing:Â
- Easier and faster collaboration. Â
- Quicker retrieval times .
- Simplified audit compliance.Â
- Reduced physical storage space.Â
- Increased security and safety.Â
- Environmentally conscious.Â
How Kelly’s Records Management Can Help cut costs
Kelly’s Records Management offers several solutions to help your business reduce document storage costs effectively:
- Offsite Storage Solutions: Kelly’s provides secure storage facilities, proving more cost-effective than onsite document management.Â
- Document retention policies: Kelly’s online portal notifies your business when documents are due for destruction ensuring you stay compliant and cut down on storage costs.
- Enhanced security:Â Our offsite storage facilities offer advanced security measures, reducing the risk of data breaches and compliance fines.
- Digital scanning: As well as physical document storage, Kelly’s also offers scanning solutions for businesses looking to undergo a digital transformation.Â
Ultimately, we deliver bespoke records management solutions tailored to your business needs, helping you cut down on costs and achieve your goals. Â
Ready to Cut Down on Document Storage Costs?
Get in touch with one of our archive storage experts today for your free quote!
